Absolute Advantage Is the Ability to Produce A

question 91

Multiple Choice

Absolute advantage is the ability to produce a:

• A) good at a lower opportunity cost than others.
• B) good with fewer inputs than others.
• C) good when demand is high.
• D) variety of goods.

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Definitions:

Physiological Deficiencies

Lack or shortage in the body of essential nutrients or substances required for normal biological functioning.

Physiological Needs

Physiological needs are the basic requirements for human survival, such as air, food, water, shelter, clothing, and warmth, which must be met before individuals can focus on higher-level needs.

Esteem Needs

Psychological requirements for respect, self-esteem, and recognition, as part of Maslow's hierarchy of needs.

Affiliation Needs

The human desire to belong to a group, be accepted, and maintain relationships with others, driving social interactions.